Global Real Estate From the Classroom to Your Real Estate Business Best Practices Case Studies

Global Real Estate

From the Classroom to Your Real Estate Business

Best PracticesCase Studies

Lessons from the Case Studies ............................................. 1

SIMA Leads to Business in Panama ...................................... 3

International Arkansas ............................................................ 5

A Commercial REALTOR® Goes Global ................................. 7

The Other Broker is Your Customer ....................................... 9

The Wide Angle View ............................................................ 11

International Real Estate in the Backyard ............................ 13

Associations Connect Markets ............................................ 15

International Referrals Made Simple .................................... 17

The Adventure Continues ..................................................... 19

I Want To Be Your International Strategist ............................ 21

Use the Internet to Reach Out Globally ............................... 22

An Unexpected Journey ....................................................... 24

Finding the Mother Lode at the Panama Spectacular ......... 26

Just Go and Get Out There! ................................................. 28

You Can’t Go It Alone—Network .......................................... 30

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INTERNATIONAL REAL ESTATE BEST PRACTICES CASE

Lessons from the Case Studies

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INTERNATIONAL REAL ESTATE BEST PRACTICES CASEBroadening your business opportunities, expanding your network, and

earning nearly $50,000 more in real estate sales per year are just some

of the benefits of becoming a Certified International Property Specialist

(CIPS). And it’s not as out-of-reach as you might think. The real estate

professionals whose stories follow are experiencing the global market

at home and abroad. They can attest that international real estate

begins with your mindset and at the front door of your office.

Whether you are working toward the CIPS designation or have already

earned it, these case studies offer insider tips and practical advice your

can implement today – no travel required. The adventure is just begin-

ning. When you’re ready to get started, visit www.realtor.org/global for

all the information you need to go global.

The CIPS Classroom Is Your First International OpportunityClassroom experience is very valuable for the opportunity to meet other students and instructors. The real first transaction I did as a CIPS was with another student in my class who sent me a referral.Danielle Grossenbacher, CIPS, e-PRO

The CIPS Designation Means ProfessionalismThe CIPS designation opened the opportunity for me and gave me the confidence to pursue it.Roger Minkoff, ABR, CIPS, GRI

After I became a CIPS, the real work began. I came away with the tools to find the answers for my new international clients. I knew the important questions to ask. Leon Katz, CIPS, CRB, TRC

When I refer a client, the CIPS or TRC designations show that they have gone the extra mile to invest in the profession. James Wyatt, TRC

Get Out There and Meet People When I travel I talk to everybody. Just listen and you will learn a lot. Take advantage of the fact that you are there and talk to everyone. You don’t have to change yourself, just be respectful of others and open to learning.Marcella Paz Cohen, TRC

Network! Network! Network!It is absolutely about networking and referrals, the business relies on it and you cannot do it on your own. Effective networking is just vital. James Wyatt, TRC

Learn where others come from and what their areas of specialization are. Marsha Price, CIPS

Association Participation is a PlusIf you come to conventions and talk to other people and attend the presentations on international marketing, you get incredible marketing ideas.Danielle Grossenbacher, CIPS, e-PRO

NATIONAL ASSOCIATION OF REALTORS® 1

www.realtor.org/global

Lessons from the Case Studies (continued)

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Pick a Country and Get to Know ItStart by finding the country or area that interests you. Book a vacation to a country you are interested in, research it and follow up on your research, visit places, talk to real estate professionals. Timothy McFadden, CIPS, e-PRO

Develop Your Web SiteUse the Internet to reach out. Combine the CIPS knowledge and the Internet, to work fast, effectively, and cost-effi-ciently. Take the evergreen principles of real estate marketing and apply them to how you do business on the Web.Jack Peckham, CCIM, CIPS

Build Your TeamFind out who else is a CIPS in your area or the next town. Maybe you can try to develop some strategies together, depending on your market and the product you have to sell. Select a group of other professionals, and invite them to a breakfast. Say that it is your desire to work internationally and work with their international clients—buyers who come from abroad—and to market your properties abroad. You would be surprised how much help you will get from other professionals because you help to develop each other’s business.Danielle Grossenbacher, CIPS, e-PRO

Have PatienceWorking with foreigners is an exercise in patience. It’s not instant reward. A lot of foreigners, come one time to see who you are and establish a relationship. They come back six months or a year later and they contact you again and will buy only the third time they come.Danielle Grossenbacher, CIPS, e-PRO

Expand Your MindsetYou need to be with people who think out of the box and think out of the borders too. Pam Ward, CIPS, LTG, TRC, RCE

There is no such thing as a buyers’ market or a sellers’ market, there is only an agents’ market. The agent who continues to prepare for change will continue to succeed in the quickly changing world of real estate.Harold Bagwell, CIPS

Personal Contact Makes the DifferenceToday I probably have the same clients over and over and I didn’t do it through e-mail because that was not around—it was personal contact.Pam Ward, CIPS, LTG, TRC

You have to be an outgoing person and have the ability to communicate with strangers in order to build relationships. But the key to success is really in the follow-up.Debra Allen, ABR, e-PRO, TRC

A Mentor Can HelpFor someone just getting started in international real estate, having a mentor is really a help. It’s like having an older brother or sister who can help you and you can learn from their experiences.Marcella Paz Cohen, TRC

When I was in my early twenties I found it all a bit daunting because I was dealing with much older people, it was an age thing. If you are young and feeling daunted by it all, try to find someone to mentor you.James Wyatt, TRC

If members take advantage of all of the international marketing tools and relationships established for them, they have an unbelievable marketing opportunity plus a real competitive advantage in the marketplace.Teresa King Kinney, CAE, CIPS, RCE

I can confirm the value of attending international meetings, expand-ing your network, and establish-ing friendships and connections worldwide. My advice to you now? Attend meetings. Make contacts.Berith Malmberg, TRC

Participate in your real estate association and earn the professional designations—CIPS and TRC—because it helps you network and you will inspire each other. Christopher Hall, TRC

Sell Locally, Think GloballyI think a lot of times REALTORS® get the impression that “I don’t want to list property in Timbuktu, so why should I take this class?” The point that they are missing is that international real estate is in their back yards.Jacqui Jeffress, CIPS, CRS, GRI, TRC

The buyers and sellers you are working with today may be your international connections tomorrow. Teresa King Kinney, CAE, CIPS, RCE

The global market is everywhere. As clients become more global, it becomes more important to have the education, contacts, and connections to assist them.Harold Bagwell, CIPS


Last April, I attended the SIMA

convention in Madrid, Spain. It was

a wonderful, very entertaining, and

educational experience.

This was my first time attending an

international convention and I didn’t

know what to expect. The orientation

program was very well planned and

gave me a very good start in the

networking process.

On my first night at the convention,

during the social hour, I made contact

with several U.S. brokers, agents, and

developers. Through the course of the

week, in the business as well as in

social settings, I met agents from many

countries, including Bulgaria, Spain,

Panama, Jamaica, and Argentina. They

were all very friendly, well informed

about their real estate markets, and

eager to share information with me.

Once the education programs began,

I heard prestigious speakers discuss

subjects as diverse as comparisons

between the U.S. and European

markets, new real estate and computer

platform capabilities, and opportunities

in the booming Arizona real estate

market. I learned about growth in

Panama, met with several

Panamanian developers, and

made some great connections.

SIMA Yields Local ReferralsThe best thing I did in Madrid,

however, was to complete the

requirements for the Transnational

Referral Certification (TRC). As a TRC,

I have access to an international

referral network within which I can

market homes worldwide for my

sellers, and receive buyer referrals

from other TRCs around the globe.

As soon as I returned home, I followed

up with my new colleagues by

telephone, e-mail, and postcard.

The response was overwhelming. I let

it be known in my local sphere about

the success of trip to SIMA. When

one of my clients told me he was

moving to the Sarasota area, I was

able to refer him to a REALTOR® I met

at SIMA who works just minutes away

from where the client was moving.

She responded promptly to my client,

and was able to help him find a home,

where he will be relocating shortly.

Debra Allen, TRC, ABR e-PROPrudential Arizona Properties

Gilbert, Arizona

SIMA Leads to Business in Panama


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In Madrid, I met a developer from

Scottsdale—just fifteen miles from

my office—and I attended a property

showcase for one of his developments.

There is currently a lot of interest

among my buyers for those properties.

Panama is In!But, best of all is that as a result of

the networking with REALTORS® I

met at SIMA, I was able to participate

in a trip to Panama arranged by

Carla Rayman, a broker-owner from

Sarasota. In Panama, we met with

several groups. Grupo Capital, a

one-stop real estate brokerage

and legal firm, gave us detailed

information about legal ownership

in Panama for non-citizens. Grupo

Corcione gave us a tour of their

residential developments, Ocean

Park II and Greenbay I and II,

properties with phenomenal

panoramic views located in Costa

Del Este, the most valued real estate

master plan project in Panama.

The following day we met with

Jose Boyd, a broker with many

years of experience in Panama,

who educated us on the Panamanian

market and explained how referrals

are done between U.S. and

Panamanian agents.

Business is everywhere! On my

flight home I met a man who was

looking for property in the Dominican

Republic, but found the prices too

high. I told him about Panama, about

its growth and the very reasonable

cost of living, world-class health care,

and hurricane-free tropical climate.

As an extra incentive I told him about

the low taxes, stable economy, and

the U.S. dollar currency. I gave him

my card and Jose Boyd’s card. When

I got back to my office, I found an

e-mail from the man on the airplane

to me and Jose Boyd expressing

an interest in purchasing a home in

Panama. Currently, we are scheduled

to meet in Panama in July for a

home-finding trip.

Follow Up Is the Key to Success

In retrospect, SIMA was the best

convention I could have attended to

get started in international real estate.

The networking with U.S. and foreign

brokers, agents, and developers was

inspiring. You have to be an outgoing

person and have the ability to

communicate with strangers in order

to build relationships. But the key to

success is really in the follow-up. I am

certainly planning to attend the SIMA

convention again in next year. n

Debra Allen is a REALTOR® with Prudential Arizona Properties in Gilbert, Arizona. In 2007 she was honored as Prudential Arizona’s

Top Listing Agent. She specializes in properties in Panama and Mexico and her latest project is a vineyard development in Mendoza,

Argentina. Her hometown is Bremen, Germany and she is fluent in German. Ms. Allen is also a Master Trainer for the US Army Family

Readiness Program.

Debra Allen

[email protected]

www.debraallen.com

First published in Global Perspectives in Real Estate, third quarter, 2006

Business is everywhere!{ }


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http://debraallen.com/

mailto:[email protected]

relocation department in a firm in

Little Rock. He recommended I talk

to a flourishing company in my area,

a wonderful startup experience.

Ken’s wide-ranging network—one of

the keys to success in this business—

helped me in ways I could not have

imagined. My new broker taught me

that my pre-licensure courses hadn’t

prepared me for the real-life situations

I would encounter in the day-to-day

practice of real estate.

The average sales price of a home

in Pocahontas, Arkansas is $55,000.

It’s not a market in which a REALTOR®

can specialize—there’s not enough

business. You have to know a little

bit about a lot of things in order to

survive. At the time, the U.S.

housing market was booming and

many of my friends were wondering

why I was here instead of in a major

metropolitan market.

CIPS Designees are Top Producers“Educate yourself,” my broker said.

He taught me that agents with many

designations made more money,

stayed in the business longer, and

were generally the top producers in

their markets. So, I began to look

around for a course I liked, and found

the CIPS program, and a subject that

revived something about which I was

deeply passionate.

Harold Bagwell, CIPSRVI REALTORS®

Pocahontas, Arkansas


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International ArkansasAt the age of 23, I found myself back

in my home town of Pocahontas,

Arkansas, beginning a career in real

estate. It’s a small town of about 6,000

people, most of whom I’ve known my

whole life.

It’s a quiet town where the Delta

meets the Ozarks. One side is flat,

row-crop terrain where we farm rice,

soybeans, and corn. Drive across the

river and you get into what we locals

call “God’s country” rolling hills, five

great little rivers, beautiful views, and

amazingly well-kept ranches.

Having lived abroad, traveled here

and there, and worked in an

international business, I now found

myself wondering, “What next?”

My plan was to get my real estate

license and go to work for the small

company where my parents had

bought and sold real estate for years.

When I went to see the broker to

inquire about when I could start work,

however, he told me he really didn’t

have room for me. I was already

feeling like a fish out of water in

my little home town, and now my

perfectly laid plans were fizzling.

Undeterred, I called Ken Gill, a

REALTOR® I had met in my pre-

licensure course who I knew was

working towards his broker’s license

and planning to take over the

Harold Bagwell traveled most of the world before beginning his real estate career as a REALTOR® in Pocahontas, Arkansas. He is the

broker-owner of RVI REALTORS® and currently the only CIPS designee in Arkansas. He was named one of REALTOR® Magazine’s “30

under 30” in 2006.

Harold Bagwell, CIPS

[email protected]

www.revirealtors.net


Your marketis bigger

than you think{ }I flew to Redondo Beach,

California for a CIPS Institute.

It was a wonderful learning

experience and I made friends

and contacts there I still talk to

on a regular basis. But, I practice

in a little town in rural Arkansas.

How in the world was I going to use

a CIPS designation there? I was

aware that people were scratching

their heads wondering if I had com-

pletely lost my mind.

I was the only CIPS, not only in

my area, but the entire state of

Arkansas! But, I had a plan—to

bring global markets to me.

The World Comes to PocahontasLet me bring you up to date: While

agents across the country are

scrambling to find buyers and

sellers, in my little Arkansas town,

I am having a record year. My client

list includes Honduran builders,

Korean investors, Italian home-

buyers, and California transplants

for whom Arkansas is like another

country. Things are good.

Recently, a CIPS designee from

Atlanta, Georgia gave me a listing

referral in excess of $3.5 million.

The only international factor in this

deal is the CIPS Network. It’s a

domestic deal with two CIPS

designees at the helm, no international

buyer or seller, just two REALTORS®

working with the resources we have

been given and have created.

Not long ago, I sold a farm to a

Korean investor—a 900-acre ranch

they planned to subdivide into an

equestrian development. They fell

in love with the beautiful Ozark

Mountain pastures and woods with

a fishing stream flowing right through

the middle of it, and decided against

developing it. They wanted to sell

it and reinvest it into a cash-flow

property. I helped them find invest-

ment property—an 80-unit apartment

complex about an hour from the

ranch, and another fifteen minutes

from the second home I sold them

on a lake in a golfing retirement

community.

It’s Always an Agents’ MarketThe global market is everywhere,

even in rural Arkansas. As clients

become more global, it becomes

more important to have the education,

contacts, and connections to assist

them. If you don’t know the agent in

a neighboring state where your clients

want to buy a second home, or how

to effectively refer a buyer to a real

estate professional in Europe or in

Mexico, they will find someone who

does. I hear agents say they can’t

afford to take classes or attend

conferences. I say you can’t afford

to miss them.

My CIPS designation has more than

paid for itself—not just financially, but

with the friends and colleagues I’ve

met along the way that have greatly

enriched my life. The media often talks

about a “buyers market” or a “sell-

ers market” but I’ll leave you with this

thought: There is no such thing as a

buyers’ market or a sellers’ market,

there is only an agents’ market. The

agent who continues to educate and

prepare him or herself for change will

continue to succeed in the quickly

changing world of real estate. Your

market is bigger than you think. n


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www.revirealtors.net

Land in California, a seller in the

Philippines, a buyer in India and a

deal closed in Hong Kong. Going

global can be financially rewarding

and lots of fun too.

I started to write this story in Hong

Kong at the end of the AREAS

exhibition sponsored by NAR and

the U.S. Commercial Service at

MIPIM-Asia.

The real story began about eight

years ago, when I fell in love with a

Filipina real estate broker, Susan

Barlin, CIPS, who had immigrated

to the United States in 1991. She

had just opened her own brokerage

to cap several years as a top sales

agent. I noticed her clientele was

really diverse—new immigrants,

first-time buyers, move-up buyers,

and even high-end luxury buyers.

What caught my attention, however,

was that her clients were not

necessarily from the Philippines or

the United States. They were from

everywhere. When I looked at my own

investor clients, it was clear they were

also from all over the world.

When Susan invited me to attend a

seminar called “Going Global and

Selling Local,” I didn’t think I needed

to attend. I was a commercial

REALTOR®, happy with what I was

doing. I went because she wanted

to go. But, that class was so

interesting to me, I decided to

continue with the full program and

become a CIPS. The CIPS program

really opened my eyes. It also opened

new doors to an exciting international

real estate practice.

Acquire the Tools, Learn the QuestionsAfter I became a CIPS, the real

work began. The education gave

me a starting point from which I

could find and serve international

clients, understanding that different

cultures, laws, and points of view

were all important. I came away with

the tools to find the answers for my

new international clients. I knew the

important questions to ask.

I began to learn about my chosen

country, the Philippines. At the same

time, I began to travel widely, and to

Leon Katz, CIPS, TRCCommercial Brokers, Inc.

Torrance, California

A Commercial REALTOR® Goes Global


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Leon Katz is president of Commercial Brokers, Inc. (CBI) and LRK International Realty Investments, Inc. of Torrance, Calif., and one of

the founding members of CREBA, Inc. (USA), part of an international group of REALTORS®, developers, financial and political mem-

bers committed to improving real estate development in the Philippines and to expanding into other countries.

Leon Katz, CIPS, CRB, TRC

[email protected]

www.cbire.com

First published in Global Perspectives in Real Estate, first quarter, 2007

After two days of negotiations in Hong Kong… I closed the sale of California land owned

by a Philippine resident, to a buyer in India.{ }


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meet many very interesting people,

learning many things about their

cultures, beliefs, and business

practices—a self-directed education.

In fact, I traveled so extensively, I

had to get a new passport because

all the pages were full of immigration

officer’s stamps from many parts of

the world.

Four Countries, Two Continents, One DealAmong the people I had the good

fortune to meet was a Philippine

land banker who liked to purchase,

hold, and develop land. He owned

thousands of acres of land around

the world. One of his California

properties was a very large parcel

of land—more than 5,000 acres.

His original plan was to develop

the property, put up schools, a golf

course, housing, and commercial

centers. Knowing the parcel was

probably too small to realize his

vision, I asked him if he would sell

it. He agreed, and I began to market

my new listing in the new world of

the Internet. I posted the property at

WorldProperties.com.

One Deal Leads to the NextIn the process, I learned a lot from

my client—a very special man with an

interesting background. He introduced

me to other investors, and I became

very busy.

Then, a local broker—representing

an Indian client—contacted me

about the land listing. After quite

some research and due diligence,

his client expressed a real interest

in the property. In the midst of the

negotiation, I left on a real estate trade

mission to China and went from there

to the AREAS exhibition to market my

services to overseas investors. The

Indian buyer suggested we meet in

Hong Kong to negotiate his purchase

of the 5,000 acres in California.

After two days of meetings and

negotiations in Hong Kong, aided by

the Internet, the cell phone and the

fax machine, I closed the sale of 5,000

acres of California land, owned by a

Philippine resident, to a buyer in India.

About two months have passed since

I began to write this article. I’m

leaving for the airport in two hours,

after a series of meetings with

government officials and business

leaders in Vietnam. I’m headed

for Thailand, for another series of

meetings. Since I started to write

this, a number of international

opportunities have come my way,

including an offer from a foreign

buyer to purchase 32,000 acres

of land in the U.S., the signing of a

joint venture development agreement

between parties in two foreign

countries, and the possibility of

opening operations in a third country.

So, what does all this mean? For

me, it’s been fun and exciting to

think and work globally. I’ve learned

that doing business with people from

other countries, though challenging,

is very worthwhile. I’ve learned a lot

and continue to learn and study the

international market every day.

It all begins with a little bit of

education and a desire to do

something internationally. n

The Other Broker is Your Customer


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I think our first customer is really the

other broker with a CIPS designation.

The CIPS designation really helped

me establish a network of excellent

professionals who I trust and who

trust me—it’s a very significant part

of my business. If you have the

designation it makes a statement that

you are out there to reach the world.

My best leads come from other

REALTORS® who look at my Web

site. About two years ago I was

contacted out of the blue by a CIPS

broker in Denver who saw my Web

site. We didn’t meet personally at

the time but she started sending me

clients. Then about a year ago she

decided to move to Ireland. I would

say right now she is sending to me

every month three or four groups

of investors from Ireland. I went to

Ireland and we did a series of

seminars on the New York market.

From these seminars, I’m still seeing,

six months later, people who are

coming to purchase either individual

condos or small commercial

properties. I have some groups

looking for larger properties, like

$50 or $100 million. It’s mushrooming,

because they go back home and

say, “Oh, I met this great broker in

New York.”

Manhattan—the Ultimate Status SymbolMy market is Manhattan—smack in

the middle in Midtown. Because the

euro is becoming stronger, it seems

like Europeans—as well as South

Americans and Asians— feel like

this is their time to buy a piece of

Manhattan. Buying in Manhattan is

always the ultimate proof of success.

You can show your keys and say,

“here is my apartment in New York.”

And the buyers feel good about it and

I feel very good about selling them

something that suits their require-

ments and their budget. An interesting

thing about Europeans is that they

tend to come into the market at the

times when the local buyers are less

numerous—summer and also be-

tween Thanksgiving and mid-January.

Well, those are the two periods when

foreigners like to come for vacation

in New York. Between trips to Fifth

Avenue for shopping, they also now

think real estate. So this is very good

for me because it keeps my

business even all year round.

Danielle Grossenbacher, CIPS, e-PRO Brown Harris Stevens

New York, New York

Danielle Grossenbacher is a Manhattan specialist with more than twenty years of national and international real estate experience. After

obtaining a degree from The Graduate Institute of International Studies in Geneva, Switzerland, she joined the Canadian Foreign Service

and spent ten years abroad which provided her with first-hand experience in relocation. As a real estate broker since 1981, she caters to

a worldwide clientele of diplomats, UN professionals, business executives, international investors, and transferees. She speaks English,

French, German, and Spanish.

Danielle Grossenbacher, CIPS

[email protected]

www.dgrossenbacher.com

You would besurprised how

much help you will get from other

professionals because you

help to develop each other’s

business.

{ }


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Relationships are extremely impor-

tant to foreigners when they come

to the United States and if they trust

you they don’t want to let go of you.

But working with foreigners is an

exercise in patience. It’s not instant

reward. A lot of foreigners, they

come one time to see who you are

and establish a relationship. They go

back. They come back six months

or a year later and they contact you

again and will buy only the third time

they come. It takes patience.

Network in the ClassroomI would really recommend that

people network in the CIPS

classroom. When I took the classes

I met some people who were in

areas where I never, never thought

that there would be interest from

any foreigner. But they were using

their CIPS designation to differenti-

ate themselves and it worked to their

advantage. People value the fact that

you can market to other areas.

Actually, the real first international

transaction I did as a CIPS was with

another student in my class who sent

me a referral. You get more business,

even in the states, locally or through

referral, from this network. It’s not

necessarily that you are going sell

someone properties abroad—it’s more

likely you will sell to a foreigner some

property in your own town. So I would

say, right now, nobody should be shy

or wondering whether this is going to

give them an advantage.

Personal ChemistryAttending NAR conventions—it is a

must. Networking at NAR conventions

with other CIPS designees is extremely

important and usually leads to some

business. When you see people

face-to-face there is some kind of

chemistry between you that works

very well. If you come to conventions

and talk to other people and attend

the presentations on international

marketing, you get incredible

marketing ideas from a lot of people.

Build Your SphereJust coming out of the classroom?

Wondering what can you do

tomorrow? Check out who else is a

CIPS in your area or the next town.

Invite these people to a breakfast

and try to develop some strategies

together, depending on your market

and the product you have to sell.

You could pool your resources to

market in other countries or to attend

conventions and international

exhibitions of real estate or do

seminars on your market. Select a

group of other professionals—an

attorney, an appraiser, an architect, an

interior designer, and a mover is not

out of place around the table because

sometimes they have the tips before

you—and invite them to a breakfast

every two to three months and you

pay the bill. Say that it is your desire

to work internationally and work with

their international clients—buyers who

come from abroad—and to market

your properties abroad. You would be

surprised how much help you will get

from other professionals because you

help to develop each other’s business.

Five years ago I was focusing only on

the locals and mostly on one building

which was like a small city with 863

condos. Can you imagine the differ-

ence? I was focusing on one building,

now I’m focused on the world. The

world has changed a lot and we need

to change constantly too. n

I strive for total globalization, not just

one referral. I aim to cement a rela-

tionship and then build business on

the back of business and this can be

agents from one country to another.

There is no reason in this day and

age why I shouldn’t be capable of

marketing the properties listed by

REALTORS® in the U.S. and selling

them to the client of, for example, a

German or Australian agent.

For me, there’s excitement and an

adrenalin rush with every deal. I like

to say that I’m wide-angled in my view

of international real estate and I’m

passionate about it. My visits to the

US and contact with REALTORS®

not only refresh me but fuel me with

excitement and a rush that lasts for a

couple of months. Can you imagine

what a rush that is?

Properties Create U.K. Buyer ReferralsIt is important to note that essentially

referrals are property based. We in the

UK need the product to develop the

referrals. When it comes to referrals,

some REALTORS® might think agents

in the UK have a list of ready buyers;

they are basically looking for access

to a client bank. If only that were true.

The reality is that we need the

properties to create the buyers and

nowadays the choice is phenomenal

so the property or location has to

stand out from the crowd.

There is constant TV coverage in the

UK about real estate. It has created a

greater demand to buy abroad but it

has also confused buyers as now they

don’t know where! The U.S. generally

offers great value for the money, but

buyers don’t buy on price alone.

You have to find a way to narrow it

down and make your properties

attractive. Buyers need to have

properties to look at —a good picture

tells a thousand words —and proof of

a good location.

Immediately after my last visit to

Florida I referred some clients, by

e-mail, to a REALTOR®. The clients

took a flight to Florida on Friday

The Wide Angle View


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Christopher Hall, TRC Christopher Hall Estate Agencies

Norwich, Norfolk, U.K.

afternoon, spent Saturday and Sunday

viewing properties and made an offer

on Monday morning before departure.

The deal closed a few weeks after that

and they have a “here today and not

gone tomorrow” agent in the UK to

support them. Everyone’s happy!

Education, Distinction, InspirationWhat is important? Education,

Training! I was among the first in the

UK to earn the Transnational Referral

Certification designation because I’m

always looking for an edge—obtaining

best property to market and finding

buyers. The TRC is a distinction both

in the UK and USA and brings agents

and REALTORS® together naturally

to collaborate.

Participate in your real estate as-

sociation and earn professional

designations, CIPS and TRC. Why?

Because not only are you viewed as

knowledgeable and a professional but,

take it from me, it helps you network

and you will inspire each other. That

said, just getting qualifications and a

designation is not enough. You need

to prove it. My question is “are you a

good closer?”

No Need to Wear Down Your Shoe LeatherFor those just starting out, I’d recom-

mend using the NAR liaison officers

in countries to get market information

and for hooking up with the brokers

in other countries that are part of the

association network. You don’t have

to wear your shoe leather down by

traveling the globe either to meet the

right people. You can come to NAR

conferences and also large associa-

tions’ events, like Florida or Califor-

nia, and international events such as

SIMA, and meet other profession-

als—look forward to making lifelong

friends, enjoy, and do business. n

Christopher Hall is a Past President and Honored member of the National Association of Estate Agents. He is also a frequent speaker

on investment and property matters around the globe. His agency’s Web sites feature properties throughout the UK, the European

Continent, the Mediterranean and Caribbean, as well as the United States. He is well-known as a real estate technology trendsetter and

has won Gold in Estate Agency of the Year’s Innovation category.

Christopher Hall, TRC

[email protected]

www.chris-hall.co.uk

I want to cement a relationship and then build business on the back of business.{ }


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I think you learn best from experience

and maybe when you have some

suffering with it. Pre-CIPS, one way I

learned was losing $5,000 in a listing

situation where I did not understand

the culture that the client was

coming from. And in the same time

frame, I had a phone call from my

Web site from a gentleman from

France, who saw my Web site, and

was looking for a residence for his

niece who was coming to Colorado

to attend school. As we’re talking

and having a very nice conversation,

his English was perfect, I realized

that he’s talking square meters and

I’m talking square feet. So, both

situations convinced me that I didn’t

know what I was doing and it was

high time that I learned.

International Real Estate is LocalI think a lot of times REALTORS® get

the impression that “I don’t want to

list property in Timbuktu, so why

should I take this class?” The point

that they are missing is that

international real estate is in their

backyards. Denver has communities

of people from Mongolia, Vietnam,

Korea, Russia, and Hungary and we

have a large Hispanic community.

All these different people are living in

Denver. You meet them in your every-

day life and you meet them as clients,

so you need to understand them.

Pre-real estate, I did sales. I sold

everything from cosmetics to diesel

fuel additive. I worked in country club

management for a very long time too.

From these experiences, I found that

I have the ability to connect and bond

with people and build relationships. I

just plain like people and it’s fun

for me.

How to get started international real

estate? First of all, I think you need

to decide what area is of special

interest to you. I chose Mexico—

Puerto Vallarta is my strong interest.

Now I’m working with an agent I met

through the CIPS classes on a

development project in Mexico. I also

have a special interest in Hungary.

International Real Estate in the Backyard


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Jacque Jeffress, CIPS, CRS, GRI, TRC Infinity Real Estate Services

Westminster, Colorado

Denver has a very active Hungar-

ian community. Three years ago we

hosted an inbound trade mission from

Budapest and now we’re going to try

to do a trade mission from Denver to

Budapest. Denver also has a trade

mission going to India.

Look around and see what asso-

ciations are in your city. Call the

embassies and consulates find out

what kind of activities are going on.

Join the World Trade Center, they

have events all the time. Go on the

trade missions. Advertise yourself.

When you choose your specialty—

your country—find out if they have

a local newspaper. Doing business

in Mexico is not an easy thing—tell

people that you know how to do a

solid transaction there. It just takes

some leg work and a little imagination.

For example, I developed a brochure

a couple of years ago to show what’s

available in Denver and it lists area in

square meters and prices in euros.

Believe It, Achieve ItSo often agents have blinders on

about doing business the way they’ve

always done it. And to me—we’re

changing everything and if I don’t

change with it, I’ll get left in the dust.

And, I plan to do real estate as long

as God lets me be physically and

mentally capable.

Yesterday, I met a REALTOR® who is

in her seventies and way out in front in

terms of technology and I wanted to

say to her, “I want to be you when

I grow up!” I really believe that what

you can dream you can achieve and

I’ll just keep on going. n

Forty years of professional experience in sales and management has enabled Jacqui Jeffress to build a substantial real estate business

serving the metro Denver area. She spent five years in Madrid through a military transfer in the early ‘70s and developed an affinity for

the language and the culture. This European experience, as well as further travels, enhanced her ability to work with foreign nationals

from many different cultures. She actively sponsors baseball and soccer teams in the metro Denver area and enjoys watching those

games when some of her twelve grandchildren are playing.

Jacquelyn Jeffress, CIPS, CRS, GRI, TRC

[email protected]

www.denversbest.com

Why take this class? The point is international real estate

is in the backyard.{ }


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Associations Connect Markets


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Teresa King Kinney, CAE, CIPS, RCE REALTORS® Association

of Greater Miami and the BeachesMiami, Florida

International real estate is such an

important part of the Miami market.

NAR’s programs and the Cooperating

Association relationships have served

as the basis for everything that we do

internationally.

In fact, it all began with a phone call

from NAR, about thirteen years ago,

asking what our association was

doing to assist members with

international marketing. We started

by putting a small blurb in our

newsletter announcing the formation

of an international group and there

was a huge response. With that, we

were off and rolling.

The first international relationship

we had with any association was

with SECOVI. Brazil is so important

to the Miami market and vice versa.

One of our members who was also

an active member of SECOVI helped

us formalize what had been an

informal relationship with them. At

about the same time we started

working with the Eastern European

Real Property Foundation (the

forerunner of the International Real

Property Foundation—IRPF) to see

how we might assist with their

efforts. And, we also connected

with the Russian Guild of Realtors.

We actually became partner

associations with the Brazilian and

Russian associations before NAR

launched its Ambassador Program.

Now, if you go to the Russian Guild

of Realtors Web site, there is a link to

Miami properties on it and we have a

link to their properties.

Associations Connect MarketsIf NAR had not had these international

relationships we would not be where

we are today. NAR’s Cooperating

Association agreements have enabled

our members, through all of the past

thirteen years, to connect with other

markets and our association to

connect with other associations. It’s

been like a sister-cities relationship

for real estate.

Making MarketsOver the years a lot has changed

for us. Once we brought international

practitioners together and started

learning from them, we were able to

create a unified presence in the

marketplace that members could

piggyback on and use to establish

credibility. Through relationships

and exposure, as well as the NAR

services, connections, and resources

that we tied into or helped create,

we’ve helped our members

tremendously. I believe we have

actually helped make markets too.

FNAIM1/Paris is a good example.

When we first got together, they

were just starting their MLS and still

struggling to make it operational.

Now Paris and RAMB are the first in

the world to do an international IDX

with our members’ listings.

Associations Connect Markets

1Federation Nationale de l’Immobilier

The Competitive EdgeIf members take advantage of all

of the international marketing tools

and relationships established for

them, they have an unbelievable

marketing opportunity plus a real

competitive advantage in the

marketplace. Everything that NAR

has created and allowed us to tag

onto helps RAMB members go into

any market, even if we don’t have

a relationship with that market.

And, NAR’s message that you don’t

have to travel to do international

business is such an important one.

Almost the entire local Miami

market is internationally connected.

We emphasize to members that

the buyers and sellers you are

working with today may be your

international connections tomor-

row. We’re constantly showing our

members how to get business from

the Transnational Referral System.

TRC Makes Referrals A RealityThe TRC course makes referrals

real. RAMB presented the first

Transnational Referral Certification

(TRC) course in French for Paris

association members. We

demonstrated how to search

Miami listings in French, forward

listings to clients and customers,

and set up automatic searches.

NAR has helped us recognize

opportunities too. For example,

we didn’t know anything about SIMA

at first. But, when SIMA asked RAMB

to get involved, we knew it was a

high-quality and worthwhile expo

because of NAR’s involvement. Now,

we have an established relationship

with SIMA, we’ve attended for five

years in a row, taken exhibitors, and

promoted it to our members.

Market to MarketNAR’s market-to-market initiative is

so important because when national

associations create platforms and

services to help markets connect, the

business happens. A REALTOR® in

Sarasota, who had been a member

of FNAIM/ Paris for many years and

knew about our ties with the Paris

association, had been trying to start

referral business. At that member’s

urging, RAMB, the Sarasota associa-

Teresa King Kinney is Chief Executive Officer of the 7,000-member REALTOR® Association of Greater Miami and the Beaches, which in-

cludes a 1,000-member Local International Council. She is a veteran of 35 years as an association executive for REALTOR® associations. Ms.

Kinney states that the key components of a successful international program are education, information, marketing, and networking.

Teresa King Kinney, CAE, CIPS, RCE

[email protected]

www.miamire.com

When national associations create platformsand services to help markets connect,

the business happens.{ }


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tion, and Florida association met

with the Paris association’s executive

committee. When the FNAIM/Paris

delegation attended the NAR

Convention for the first time, we helped

set up a meetings for them to connect

with other markets. For example,

we connected them with [the]

Manhattan [association]. Associations

have to follow through, but that all

happened because one member

wanted to do referral business.

I recently attended the Russian Guild

of Realtors Annual Congress. Being

there is truly like being family. There’s

an immediate connection. The same is

true of the relationship with SECOVI,

even the first time I went there. The

relationships are very strong and so

is the level of trust and admiration

between the associations and lead-

ers. It’s amazing how much you learn

can from other associations and other

markets that you can apply in your

own association.

Can you imagine? It all started with

a phone call from NAR. Today, we

probably have ten times the

number of RAMB members involved

in international real estate compared

with thirteen years ago. And, RAMB

recently completed its twelfth Annual

International Congress. n

International Referrals Made Simple


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Berith Marlmberg, TRC Skandia Maklarna Goteborg, Sweden

I was accustomed to doing

referrals within Sweden, and in

Scandinavia—the northernmost

part of Europe, which also includes

Denmark, Norway, and Finland—

but this was my very first experience

with a really “international” referral.

Referrals are not very common

in Sweden, perhaps because

Swedish people only move an

average of once every 27 years—

within large cities, perhaps once

every 10 or 12 years—and rarely

outside of Sweden. Compare that

with the United States, where people

move, on average, every seven or

eight years.

But the world is getting smaller

and smaller. Young people are

traveling a lot. After finishing school

they become backpackers and travel

all over the world. They get to know

a lot of people and learn a lot about

the countries they visit. So, when they

start their careers, it’s no big deal for

them to take a job in another country.

People are moving to Sweden from

around the world and I believe that

international referrals will become

more commonplace in Sweden in

the future.

Attend Conventions, Make ConnectionsMy first international referral

actually began about 10 years ago

when I attended my first NAR

Convention in my role as President

of the Swedish Association for Real

Estate Agents, Mäklarsamfundet.

I’ve attended regularly since then.

A couple of years ago, when I was

leaving to go to the Convention, a

client in Sweden asked if I could help

him out. He had a property in the

Bahamas that he wanted to sell. I had

absolutely no idea how to manage

this, but of course I said yes. I brought

the information about the property to

the Convention and began to look for

a broker from the Bahamas—perhaps

rudely—by reading name badges very

carefully. At last, at the International

Welcome Reception, I ran into a man

from the Bahamas. He promised to

help me and took the property

information back to the Bahamas with

him. It was almost two years before

he found a potential buyer, but he

finally did.

Let Your Clients Know You Are InternationalI got this referral just because my

client knew I was going to the U.S.

to meet a lot of foreign brokers. The

experience taught me to talk about

my business and let my clients know

that I have the ability to represent

them internationally. I’ve been a CIPS

Network member for almost five

years. That involvement is beginning

to pay off right now. I’ve done my

second International referral. And the

third one is on its way.

The second referral was fun because

it got me started in a new career as

a private detective. Another broker in

the Bahamas contacted me. He had

a client who wanted to buy a special

property and he couldn’t find the

owner who had lived in Sweden but

was no longer at the address under

which the property was registered.

He asked me to help him find the

owner and offered to split the

commission with me.

Just when I was about to give up

the search, I made some final phone

calls to people who lived in the house

where the man used to live and to

some neighbors in that area. I learned

the owner of record was deceased,

but that he had a son. I quickly found

the son who very pleased to hear that

something he thought was absolutely

worthless was not. And I was happy

to collect my commission.

So, I can confirm the value of

attending international meetings,

expanding your network, and

establishing friendships and

connections worldwide. Every trip,

every journey, begins with just one

step. You’ve already taken your first

step towards international referrals by

joining the CIPS Network. My advice

to you now? Attend meetings. Make

contacts. Just keep walking! n

Berith Malmberg is managing director of Skandia Maklarna in Goteborg, Sweden and has been in real estate for more than 25 years.

She served as president of Mäklarsamfundet, the Association of Swedish Real Estate Agents (ASREA), for six years, is appointed by the

Swedish government as a member in Board of Supervision of Estate Agents, and serves as managing director for. You can reach her at

+46 31.403900 or at

Berith Malmberg, TRC

[email protected]

www.skandiamaklarna.se

First published in Global Perspectives in Real Estate, first quarter, 2003

The experience taught me to talk about my business and let my clients know

that I was international.{ }


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The Adventure Continues


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Timothy McFadden, CIPS, e-PRO Metro Brokers/GMAC Real Estate

Atlanta, Georgia

I started out in business brokerage,

working for a firm based in Colorado,

in telecommunications company

mergers. I was recruited to Georgia by

one of the leading brokers in Atlanta.

When I relocated to Georgia,

business brokerage required a real

estate license in the state of Georgia

and I was licensed in Georgia in 1996—

the same year as the Atlanta Olympics.

I’m now with GMAC Metro Brokers,

which is both the largest GMAC

franchise in North America and the

largest real estate firm in Georgia.

We have more than three thousand

agents and there are seventy

languages spoken in our company.

Two Thai High Rises, One Economic CrisisI was always interested in doing

business in Asia and began exploring

places. I actually started listing

properties in Thailand just after the

1997 Asian economic crash. This

was during the time of the Thai baht

disaster and most of the world’s

construction cranes were sitting idle in

Bangkok. In 1999 we had listings on

two high rises in Bangkok and had to

figure out quick what to do. My broker

kept saying to me, “I don’t think we

can do this.” And I kept saying, “We’ll

find a way to figure it out.”

I already had some international

experience but I was struggling over

what to do with these properties.

I enrolled in a CIPS class and met the

current officers of the International

Real Estate Council in Georgia.

Through the CIPS connection, I met

and talked with another designee and

had an opportunity to see her business

plan for a similar property.

About the same time that I relocated

to Georgia, I also started an e-mail

correspondence with a Thai high

school student who wanted to come

to the U.S. for studies. I made a trip

over to Thailand, met the exchange

student who had been e-mailing and

the whole family. It turned out that a

member of the family was an attorney.

My family-connection attorney is now

my go-to guy for Thailand. He came

to Washington DC in 2007 to attend

the Midyear Meeting and visited

the capital.

Timothy McFadden is the 2008 president of the Northeast Atlanta Metro Brokers Association of REALTORS® and 2009 president of the

International Real Estate Council in Georgia. He entered the real estate business after having careers in the Federal Credit Union, retail

technology stores, business brokerage, consulting, and as a writer. He has invested more than two decades in doing business with the

international community. His real estate services include residential and commercial markets throughout southern states as well as Vietnam,

Thailand, Hong Kong, and other areas of Asia. Currently he is the broker for commercial real estate, business brokerage, and land and inter-

national real estate for Metro Brokers/GMAC Real Estate in Atlanta.

Timothy McFadden, CIPS, e-PRO

[email protected]

www.galandfinders.com

The CIPS directory is the first place I look. It’s a distinction for domestic too.

It says the person is someone I can trust.{ }


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I’ll take an Atlanta real estate group

to Thailand in January. It’s been all

success. I gained a second family in

Thailand and a steady stream of

buyers. The adventure continues.

CIPS Directory the First Place to LookI use the CIPS referral directory

for everything including domestic

referrals. I know I can count on a

CIPS designee. For me, the CIPS

designation is the lifeblood of what

I do. When I was recruited into

GMAC, I would never have had

the confidence to get involved in

international real estate. CIPS

gave me the credentials and the

confidence. It’s a huge network.

Now, the CIPS directory is the first

place I look. It’s a distinction for

domestic too. It says the person is

someone I can trust—they are the

best and most reliable. I think that

other designations do not compare

to CIPS.

Find the Passion, Find the ConfidenceFor someone just starting out in

international real estate I would say

start by finding the country or area

that interests you. Book a vacation

to the country you are interested in,

research it and follow up on your

research, visit places, talk to real

estate professionals. Say you are

interested in the country, shake

hands, invite other real estate

professionals to lunch—it creates

and solidifies relationships. Find what

you are passionate about and you

will find the confidence. The question

is “what difference are you going to

make with your CIPS designation?”

Look at your strategy. You can book

your vacation first and then work in

your business or your business first

and work in your vacation. Decide

what is most important to you and

take it seriously. Invest in your

business. Getting the connections is

what you want to accomplish.

Personal Connections Make the DifferencePersonal connections make all the

difference. I was reluctant to go to

Vietnam. I said that I would never go

there. But, I had the opportunity to

visit and stay in a home. I got to know

a family whose children were studying

in the U.S. and I spent a Christmas

with the family. It was a wonderful

experience and it closed the “war

chapter” for me on Vietnam. I now do

business there.

Be local around the world. Telephone

technology is developing rapidly. You

can transfer calls from your office to

your cell phone seamlessly and

virtually anywhere in the world.

Finally, go where your competition is

not. I attend the national restaurant

show and I’m there because my

competition isn’t. I talk to restaurant

franchisors to find out about their

development plans and formulate a

business strategy based on what I learn.

n


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Roger Minkoff, ABR®, CIPS, GRIMinkoff & Associates, REALTORS®, LLC

St. Thomas, U.S. Virgin Islands

Roger Minkoff is the principal broker of Minkoff & Associates, REALTORS®, LLC. In addition to recruiting brokers worldwide for exclusive

country territories as CTP participating brokers, he assists buyers, sellers, and investors anywhere in the world. He is the international

regional manager for Cabela’s Trophy Properties.

Roger Minkoff, ABR, CIPS, GRI, TRC

[email protected]

www.usvirealtor.com

Earning the CIPS designation prepared

me for the most exciting business and

personal challenge of my life, as exclu-

sive international regional manager for

Cabela’s Trophy Properties.

CIPS gave me the confidence to ap-

proach the executives of Cabela’s and

say that I’d like to be your international

strategist. The outcome—a new

opportunity to participate in Cabela’s

Trophy Properties in the U.S. Virgin

Islands and I was also named exclusive

international regional manager.

Representing Cabela’s Trophy

Properties is a new endeavor for the

company. If you enjoy outdoor and

wilderness sports, then you are

probably familiar with their retail stores

and catalogs. Their trademark is The

World’s Foremost Outfitter® and they

have provided everything for the

sportsman, from equipment to

services, since 1961. The Cabela’s

Trophy Properties is a natural

outgrowth of services for their

clientele. The CTP Web site is like a

I Want To Be Your International Strategist

“lifestyle MLS” because it focuses

exclusively on recreational properties.

The CIPS connection is an extended

network and family. I hope to use the

CIPS network first to enroll brokers

who list recreational and outdoor-

sports oriented properties and

co-market under the Cabela’s brand.

It must be obvious that I love sports.

The relationship with Cabela’s

Trophy Properties has enabled me to

combine my passion for real estate

with my love of outdoor sports. But, I

believe that home buying should not

be an extreme sport.

CIPS Opened the DoorWith my extensive background in real

estate and land development, and my

love of nature and the environment, I

have the rare opportunity to enjoy to

the maximum both my vocation of real

estate and my avocation—outdoor

sports. The CIPS designation opened

this opportunity for me and gave me

the confidence to pursue it. n

The CIPS designation opened this opportunity for me and

gave me the confidence to

pursue it.

{ }


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Jack Peckham, CCIM, CIPSReal Estate Cyberspace Society

Boston, Massachusetts

Use the Internet to Reach Out GloballyThe world is really flat, you know.

That may sound a bit strange, but the

Internet has enabled service levels

and communications we’ve never

had before. Everything we are doing

today on the Web is making the world

smaller and flatter.

For those who are just starting out

with a CIPS designation, my mes-

sage would be first, that you have to

understand how others do business—

that’s the value of the CIPS education.

Second, use the Internet to reach out.

Combine both, the CIPS knowledge

and the Internet, to work fast,

effectively, and cost-efficiently.

Use the Internet to Reach OutTake the evergreen principles of real

estate marketing and apply them to

how you do business on the Web.

For example, we used to send

thousands of postcards. Today, take

the knowledge of communication and

how to market with postcards—that

methodology—and combine it with

the Web. Use the Internet to reach

out and touch clients—in Tokyo,

the Far East, the UAE, Switzerland,

or anywhere.

Recently, I had a listing on a $12

million hydro-electric dam in New

England. There’s a small pool of

buyers for a property like that and

how many buyers can I reach with

the usual marketing methods? The

point is, through the Internet I was

able to reach out to a targeted list of

potential buyers worldwide. There

were thirty inquiries within the first

three days and a Swiss buyer under

contract in the fourth week.

I first got involved with technology in

1962 when I founded the Data Realty

Corporation using early technology

and a huge computer to match buyers

and sellers. Today, we can reach out

and touch a client in two minutes.

Just imagine five years from now how

we will do business?

John M. Peckham is executive director of REcyber.com, the Real Estate Cyberspace Society. His syndicated column, Selling in Cyberspace

appears in the New England Real Estate Journal, the Florida Real Estate Journal, and many other publications. He is the author of A Master

Guide to Income Property Brokerage. In more than forty-five years in real estate, he has sold more than $1 billion in commercial/investment

properties.

Jack Peckham, CCIM, CIPS

[email protected]

www.recyber.com

Everything we are doing todayon the Web is making the world

smaller and flatter.{ }


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The Web Changes EverythingCan you envision how technology and the Web will change the way we do

business? I believe we can’t even see five years down the line and predict how

we will do business. Think about what we can do today with e-mail, live online

chats, virtual tours, online conventions and expositions, matching buyers and

sellers, matching properties with buyers. If we can do all of this today, imagine

what we can do in five years? I believe we are walking through a door called

“awesome.” n

An Unexpected Journey



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Marsha Price, CIPS, TRC Coldwell Banker Residential Brokerage

Boston, Massachusetts

People often speak about hindsight

and how if they had only known

yesterday what they know today that

they could have done a better job. In

many ways that is true, but what we

often fail to think about is how much

we gain from an unexpected event.

Last May, at the REALTORS® Midyear

Meetings in Washington, D.C., I

attended the CIPS International

Breakfast. As is the custom in such

a small group, we all introduced

ourselves. It is always interesting to

listen to where others in the group

come from and what their areas of

specialization are. That act of

introducing oneself is a way of

re-affirming the concept of a small

well-networked group of real estate

professionals that operates in a very

large world.

An Unexpected Contact Pays OffAt the conclusion of the breakfast

Nita Pichedvanichok, a CIPS

designee from Whittier, California who

was serving as the NAR President’s

Liaison to Thailand, approached me.

Nita was looking for a CIPS in Boston.

Nita needed help finding a second

home in Boston for customers from

Thailand. Their children were to attend

various schools in the Boston area

and, because these students were far

from home, their parents wanted them

to have a place to congregate.

Two weeks later, the customers

came to Boston. We toured

properties in various Boston

neighborhoods. They chose a four-

bedroom condominium in one of

Boston’s most beautiful buildings—

but not without consulting Nita!

Because of the relationship that Nita

had established with these custom-

ers, and she knew some of the issues

that they would not feel comfortable

discussing with a new REALTOR®.

When Nita flew to Boston to inspect

the property, she was equipped to

sort out fêng shui issues that pertain

to the purchase of new property. Her

relationship with the customers and

her knowledge of fêng shui helped

the transaction move forward and the

buyers felt secure with their decision.

Nita and I combined our strengths to

make the buyers feel comfortable and

the transaction go smoothly.

Nittaya Pichedvanichok, CIPS, CCIM, CRB, CRS, GRI, TRC

Coldwell Banker Ambassador Realty Whittier, California

The Fêng Shui FactorSensitivity to a belief in fêng shui

is important. A REALTOR® who is

culturally sensitive should ask if

the customer believes in fêng shui.

Some may say that they do and

others may not. Nita believes that

it is advisable to inform your

customers that you have worked

with others who believe in fêng

shui; then let the customer tell you

if it is an important factor and what

would be considered good fêng

shui. Each country has different

beliefs. For example, a west-facing

door may not be good for a buyer

from Thailand but may work for a

Chinese or Vietnamese buyer. The

REALTOR® must discover what is

important to the individual customer.

Going the Extra MileBut this is not where the story ends.

Two months later our customers

returned to Boston to take their

children to school and close on their

new condominium, which still needed

to be furnished. Subsequent to a

closing, I would normally not continue

working with the buyers. Because

these customers were from a

different country and culture, I cleared

my calendar and for one week I

worked with them to find furniture,

sheets and pots and pans, rugs,

lighting, televisions and everything

else needed to furnish a home. Just

because the transaction was closed

did not mean that it was appropriate

to leave my customers to find their

own way in a new and different

culture. I needed to include services

that I would not ordinarily provide.

Two months after the closing the

occupants of the condominium

arrived. In the meantime, I had

Marsha J. Price, CIPS, TRC is a relocation expert who

specializes in the purchase and sale of luxury condominiums

and homes in downtown Boston and Cambridge. She is a

Research Affiliate with MIT and is currently working with the

City of Boston on a study of the real estate market with the goal

of addressing the affordable housing issue.

Marsha J. Price, CIPS, TRC

[email protected]

www.NewEnglandMoves.com

We combined our strengths to make the buyers feel comfortable

and the transaction go smoothly.{ }


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First published in Global Perspectives in Real Estate, second quarter, 2005


has offices in Whittier, California and Bangkok. She specializes

in apartment buildings and other development projects and in

serving international clients and investors. She speaks Thai,

Chinese, Vietnamese, English, and French.


[email protected]

www.nittaya.ismyreagent.com

scheduled and received deliveries

of all the merchandise and made

sure that all was arranged as my

customers had planned. They found

their beautiful new condo cleaned

and fully furnished.

Combining Strengths for SuccessCombining Strengths for Success

Only as a collaborative effort could

this have worked as smoothly as

it did. Nita and I partnered well,

exchanging information throughout

the process, learning from one

another, and improvising as necessary

in order to assure that all would go

smoothly. We were in constant

contact with the buyers and one

another. I like to think that in an

industry based on service, we have

provided the extra service the buyers

needed. Nita and I have learned and

gained much this experience.

As my friend Nita says, “life is

always beautiful.” n


Finding the Mother Lodeat the Panama Spectacular


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Terry Theodorou, CIPS, TRC Barton Wyatt Estate AgentsVirginia Water, Surrey, U.K.

My husband, Kosta, and I have

always been very international. He

was born and raised abroad, has

worked in several countries, and has

visited many more; I lived in Europe

for three and a half years. So, it

seems natural that a nice portion

of our business in South Orange

County, California is with foreign

nationals relocating or buying

investment properties.

We started to keep an eye on

Panama. It has an easy flow of

currency. It also had the infrastructure

that we were seeking. Kosta and I

are proponents of ecotourism, and

we like tropical climates. We wanted

a country that had a stable

political climate offering easy

repatriation of funds, plus a good

quality of life with some of the

creature comforts to which we are

accustomed: high speed Internet

access, our favorite TV shows, good

medical facilities, shopping, and

entertainment. Finally, we sought a

place where English was a second

language, and one that wasn’t too far

from home.

A Big First StepNow came the next big step—

making contacts in Panama. As CIPS,

we received an invitation from former

Ambassador Juan Sosa to the

Panama Spectacular 2005. This

annual event hosted by the U.S.-

Panama Business Council promotes

real estate investment between the

U.S. and Panama. Before our trip,

one of our biggest concerns was how,

after we made the trip and found the

contacts, we could be assured of

getting paid for any business we

transacted. I sat down, considered

what we wanted to accomplish on this

trip, and drew up a business plan.

TRC A Perfect Fit with CIPSThe advent of ICREA’s Transnational

Referral Certification (TRC), a perfect

fit with our CIPS designation, was the

answer to our concerns. As a TRC,

if you send a referral overseas via

the Transnational Referral Contract

designed by the International

Consortium of Real Estate

Associations, and the agent on the

other end somehow forgets to pay

you, you have the right to a review

by an ICREA arbitrator. There are

guidelines and a process in place to

enforce the agreed upon payment.

There are penalties and serious

consequences for not complying

with the findings of the arbitrator.

This gave us the confidence we

needed to really put together a plan,

and go for it.

Then, we began to establish a

reputable network of professionals

around us—a lawyer, a title

company, a developer/builder,

and a real estate agent who worked

with them. We met and networked

with the very first licensed real

estate agent in Panama—whose

license number is 0001—and many

other reputable agents who adhere

to a Code of Ethics like our own.

We researched ways to hold title,

ways to obtain a residency visa,

and ways to retire to Panama for

U.S. baby boomers with an eye on

the international horizon.

Finally, Kosta and I reviewed our plan

and decided that, for the portion of

our trip where we would actually go

out and visit properties, we would split

up to cover as much ground as

possible. This turned out to be great

decision, because Kosta found a

project he truly believed in.

Panama is SpectacularThe PanCanal View project is a luxury

gated condominium complex of three

35-story towers where you can “be

a witness to history from your own

home” when the expansion of the

Panama Canal takes place.

When Kosta introduced me to the

developer, my first question was,

“Can we get the exclusive right to sell

your project in California in the U.S.?”

He said yes, we shook on it, and

went on to discuss the terms of the

agreement. Then, he took us on a tour

of the project site and the surrounding

areas. We were thrilled with the

location and the potential it offered.

Terry Theodorou, CIPS, TRC is REALTOR® with Buy A Home In America in Lake Forest, California. She is also vice-president and co-founder

of KT Home Loans.

Terry Theodorou, CIPS, TRC

[email protected]

www.BuyAHomeInAmerica.com

ICREA’s Transnational Referral Certification is a perfect fit with

our CIPS designation.{ }


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We continued finalizing the terms of

our agreement for ten days after we

returned to the U.S. It wasn’t easy as

our developer was in Dubai at that

time, and there was a ten-hour time

difference. We’d awake at midnight to

work with our developer via telephone

and fax to Dubai. Finally we were

rewarded with an agreement everyone

could live with. It provided compensa-

tion for his Project Manager who is

the developer’s real estate agent in

Panama, and for our subagents here

in the U.S. And, it gave us the

Exclusive Right to Sell all properties in

the PanCanal View project in the U.S.

After we secured our Exclusive Right

to Sell in the U.S., the real work

began, marketing the project and

getting it sold. We decided to host

a Panama Living Seminar in Irvine,

California. We had five weeks to get

the first one together and we sold

50 percent of the junior penthouses

located in phase one—approximately

$3.6 million worth of real estate—in

four hours. Last week, Ambassador

Sosa introduced me to someone as

“the American REALTOR® who has

sold more real estate in Panama than

anyone else in the U.S.” n

When I started in international real

estate, I had a focus—the Bahamas.

Now, my husband and I are

developing a thirty-five acre project

in Freeport Grand Bahama with

twenty-one estate home sites priced

up to $1.5 million for the land. We’ve

owned this land for at least eighteen

years and decided to create a

development site. We have both

personal and professional ties to the

Bahamas so that’s how we ended up

there. It’s just thirty-five minutes by

private plane, and my husband is a

pilot by hobby, so we can get there

quickly, be in another world where we

can let our hair down, and still be back

at work on Monday. We thought why

not gather up some people who have

the same idea—retiring or working and

commuting to work in another country?

Be Where Your Customers AreI started networking with CIPS and

TRC and networking is the way to go.

You need to be with people who think

out of the box and think out of the

borders too. The people I’ve met and

the friendships I’ve made are really a

hallmark of CIPS and international

real estate.

Look where your customers are

coming from. Boating is one of the

biggest attractions in the Bahamas

so we have advertised in the boat

show edition of Distinctive Homes.

Realize that just because it’s not

happening right now in your sphere,

there is business somewhere else.

You need to go where the money is.

Association Involvement is a PlusIf the local or state association is

involved in international real estate it

can really help you network. When I

was getting my CIPS, I was a real

pioneer. I had to travel to another

board to get my classes in. It was

just myself and a couple of others

involved in international in my board,

so I went to the REALTOR®

Association of the Palm Beaches

(RAPB) because they were doing

international education and Bahamas

trade mission trips. I completed three

trade mission trips with RAPB; when I

became a director for my home board

I kept pressuring them for a budget

line item for us to have courses on

international real estate and

speakers to make people aware that

there is business. I introduced my


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Pam Ward, CIPS, LTG, RCE, TRCCelestial Realty

Juno Beach, Florida

Just Go and Get Out There!

Pam Ward, broker-owner of Celestial Realty, has more than twenty years of experience selling both primary and vacation getaway homes,

condominiums, townhomes, and private villas. Oceanside and golf course resort communities are her specialties. Travels throughout the

world have enabled her to network with all nationalities and learn their customs. Her current work includes the development of an oceanfront

gated community in Freeport, Grand Bahama.

Pam Ward, CIPS, LTG, RCE, TRC

[email protected]

www.celestialrealty.net

You need to be with people whothink out of the box and

think out of the borders too.{ }


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board to the Madrid SIMA Confer-

ence in 2007. My association

president went with me to share

info on Jupiter-Tequesta Hobe

Sound listings and to introduce our

resort area to many who are not

aware of it.

Because of ties to the Bahamas,

I had a focus but many people

don’t. I would say, think about

your roots, any connections or

contacts you have that would

help you choose, and focus on one

area. Maybe you have German or

Spanish background, or maybe you

just love a country. I picked

the Bahamas because I have a

connection there, but I could have

chosen to focus, for example, on

Italy because I love traveling there.

You Just Have to Go!Or, think about where you would

want to be if you were vacationing

or buying a second home

somewhere and start networking

in that country. Go and vacation

there. Go out and meet the people.

I’ve attended FIABCI events too. I

was just invited by FIABCI to a lun-

cheon at the U.N. and met all kinds

of people from worldwide, handed

out my brochures, collected a lot

of cards, and made a lot of follow up

phone calls and e-mails afterward.

You just have to go!

When I signed up for the trade

missions I had no idea what would

happen, but everything was well

organized and I met people who I

would not have been able to meet

through a Web site. The trade

missions are invaluable because

you’ll make a lot of contacts and

you can keep up with them and stay

in touch. I try to send a card with a

personal note that says “it was nice to

meet you, let’s keep in touch.”

Build on Repeat BusinessBuild on Repeat Business

If you are going to try to build your

business in international real estate

it takes some time. It took me

probably ten of my twenty years in

real estate to be what I call a success-

ful real estate person. It takes that

long to network and get all these

contacts. Today, I probably have

the same clients over and over and

I didn’t do it through e-mail because

that was not around when I started

in the business—it was personal

contact. I do sell beautiful condos

and lifestyle properties because of my

location, but it can be dull sometimes.

My reason for getting into real estate

was that it was fun and exciting to

make deals go together. But I started

doing that so often that it became

routine and I thought, I’m either

going into another field or find another

avenue with real estate and that’s what

I found in international real estate.

Sometimes people think getting

involved in international real estate

means you have to speak another

language or it is intimidating. And

it isn’t. There is no need to speak a

foreign language, just come and learn

how to step outside of the box and

try something new. Think globally and

think international. It’s the new way to

be and it’s the way of the future. n


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James Wyatt, TRCBarton Wyatt Estate AgentsVirginia Water, Surrey, U.K.

We only sell homes on golf resorts

and that came about because of

our location.

Our office in is a place called Virginia

Water in Surrey, about twenty miles

west of London. It’s particularly well

known for a golf club called Went-

worth, which is probably England’s

most famous golf club. They have

three major international tournaments

every year including the world’s rich-

est prize, $2 million. Because it is on

our doorstep, this is where the idea of

doing golf resorts came from and also

Virginia Water is home to the Europe-

an Golf Tour. So we have a good link

up there and a lot of the world’s top

players live in the area as well.

We operate all over the world—

America, Caribbean, Mediterranean,

Europe—but most of our customers

are U.K. buyers, a lot of investors.

The U.K market is really quite sophis-

ticated in respect of people looking

to buy overseas. The biggest market

abroad for the U.K. is Spain, always

has been. It’s only two hours away

by direct flights from a lot of different

airports. It’s got good weather. People

are looking to diversify their invest-

ments. But also, because the UK

market is so expensive, the only way

for many to get on the housing ladder

is to buy abroad. First-time buyers are

going out of the country to buy and

build some equity.

Bargains in U.S. Real EstateDollar-based economies are a

bargain and for us it’s a great

business opportunity. The British

pound is strong and it’s buying a lot

more compared to the dollar, and it’s

a buyers’ market too. There is a lot

of press in the U.K. about the U.S.

market and people are waking up

to suddenly realizing that they can

afford to buy a nice home in Florida

now for not a lot.

International real estate is a very

enjoyable part of the business. I’ve

really only been doing this about

three years. We’ve grown very rap-

idly, frankly on the back of hard work.

Sometimes you get it right and some-

times you get it wrong. I think in any

business you have to try a lot of new

ideas and you’ve got to accept that

not all of them are going to work out.

We tried a number of things before we

found the winning combination.

Go Where the Money IsI would say get out there and find

out what you can make money on.

Concentrate on where you’re going

to make money. Spain is half our

market—we put a lot of our efforts

into that market because that is where

the commission and profits are. Have

some courage, get out there, take a

look, and see where the money is to

be made.

You Can’t Go It Alone–Network

James Wyatt is a partner in the three-generation family firm of Barton Wyatt, His responsibilities include the Lettings and Management

Department and International Sales. He lives in Virginia Water with his wife and three children. Pastimes include travel, motorsport, and the

occasional game of tennis and golf. He is a member of the NATIONAL ASSOCIATION OF REALTORS®, FIABCI, and the National Association

of Estate Agents. His column appears monthly in the National Association of Estate Agents magazine.

James Wyatt, TRC

www.bartonwyatt.co.uk

[email protected]

Have some courage, get out there,take a look, and see where the

money is to be made.{ }


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One of our policies in our business

is that there is nothing we sell that

someone hasn’t been to see. So it

does mean there is a huge amount

of traveling. If you are comfortable

in your nine-to-five job, international

sales is probably not for you. The

last two years I’ve had so much fun

traveling and meeting people and

experiencing different cultures and

different ways of doing business.

All of those connections and the

traveling are paying off.

Build on Trust and ContactsTo get another company to send

you referrals takes a lot of mainte-

nance. You can set up a network,

but you will need to keep in

constant touch. We have a full-time

public relations professional who

works at maintaining our network

and it has paid off big time. She

keeps in contact with our agent

network, goes to see them, and

reminds them that they might be

missing out if they don’t encourage

their customers to think about

buying overseas. We’re a small

business, we just have one office

and nineteen agents, but we have a

lot of marketing initiatives that make

us appear much bigger and it is

working. Also, for us, our Web site

is absolutely vital. Couldn’t live with-

out it and we put a great deal of money

into it. We now have Web TV which is

streaming video of developments.

Other agents who are looking to do

business with us have to trust us. Trust

is absolutely important. When I refer a

client, the CIPS or TRC gives me hope

that the agent can do what I hope they

will do. These designations show that

they have gone the extra mile to invest

in the profession.

Learn to Network EffectivelyIt is absolutely about networking and

referrals, the business relies on it and

you cannot do it on your own. You

have to network effectively. I went on

a trade trip last year to the U.S. and

a lot of these guys would just throw

me a business card and expect one

back and then they would just walk off.

And I thought, how am I going to find

out anything about you if you won’t

talk? And yet some people actually

took the time to stand there for just

a two-minute chat to find out if we

have something in common. Actually

I’ve kept in touch with three or four

of these people and those are ones

I’m doing business with because we

understand each other and realize that

we can make money together—and I

couldn’t make it without them. Effective

networking is just vital.

Actually, it took me awhile to work out

how to network effectively. When I

was in my early twenties I found it all

a bit daunting because I was deal-

ing with much older people, it was an

age thing. If you are young and feeling

daunted by it all, try to find someone

to mentor you. I was lucky because

my mentor was my Dad and he was

extremely successful. He was a very

good networker and he taught me

some of the simple things like

treating everyone equally—with

respect and courtesy. We treat the guy

struggling to afford a $500,000 house

just the same as the folks who buy

these unbelievable $20 million houses.

Our repeat business is extremely high.

Some of these guys who are buying

or selling these very expensive homes

will come and say, your father sold me

this house and they come back, which

I think is just amazing! Not that long

ago I had someone who bought their

house with my grandfather. n

© 2008 by the NATIONAL ASSOCIATION OF REALTORS®

All rights reserved.

NATIONAL ASSOCIATION OF REALTORS®

Global Business & Alliances430 North Michigan AvenueChicago, Illinois 60611USA

Phone: [email protected] www.Realtor.org/global

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IMPORTANT NOTE: The NATIONAL ASSOCIATION OF REALTORS®,

its faculty, agents, and employees are not engaged in rendering legal,

accounting, financial, tax, or other professional services through these

materials. If legal advice or other expert assistance is required, the

reader should seek competent professional advice.

The NATIONAL ASSOCIATION OF REALTORS® thanks the following individuals for their contributions of expertise and experience.

Debra Allen, TRC, ABR, e-PRO

Harold Bagwell, CIPS

Danielle Grossenbacher, CIPS, e-PRO

Christopher Hall, TRC

Jacqui Jeffress, CIPS, CRS, GRI, TRC

Leon Katz, CIPS, CRB, TRC

Teresa King Kinney, CAE, CIPS, RCE

Timothy McFadden, CIPS, e-PRO

Berith Malmberg, TRC James Wyatt, TRC

Roger Minkoff, ABR, CIPS, GRI


Jack Peckham, CCIM, CIPS

Marsha Price, CIPS, TRC

Terry Theodorou, CIPS, TRC

Pam Ward, CIPS, LTG, RCE, TRC

Global Real Estate From the Classroom to Your Real Estate Business Best Practices Case Studies

Real Estate

Transcript of Global Real Estate From the Classroom to Your Real Estate Business Best Practices Case Studies